Meet a NAIOP Chicago Developing Leader | Blake Waeghe
Name: Blake Waeghe
Company: Stotan Industrial
Position: Development Manager
Education:University of Iowa, Bachelor’s degree in Electrical Engineering with a minor in Mathematics
Years in Real Estate: 5
What led you to work in the Real Estate industry? Describe your current responsibilities:
After college, I started out as an electrical engineer at Quaker Oats working in supply chain, then moved into electrical design at an architectural and MEP firm. Those experiences made me realize I wanted to move toward the financial side of business and pursue a career that was more relationship-driven. My wife – girlfriend at the time – suggested real estate one evening, and it struck the right balance of tangible assets, finance, and working with people. From that point on, I knew I wanted to break into the industry.
My current responsibilities center around sourcing and executing industrial development opportunities and infill acquisitions across the Chicago and Columbus markets. That means working with engineers and consultants to analyze sites, navigating challenges that come up along the way, and working with municipalities to bring underutilized sites to life.
Who has been the biggest influence in your career?
It’s difficult to point to one person. I’ve been fortunate to work closely with people who approach the business in different ways, and I’ve learned something from each of them. Being part of a relatively small team has also given me the opportunity to see firsthand how experienced people think through deals, solve problems, and make decisions, which has had a major influence on how I approach my own work.
How long have you been involved with NAIOP and what do you view as the benefits of your NAIOP Developing Leader membership?
I joined NAIOP when I first got into real estate five years ago. Early on, it could be intimidating walking into events without knowing many people, but over time I’ve built great relationships – and that has been the biggest benefit of being involved with the DL group. Now I look forward to events as a chance to catch up with friends and peers in the industry and meet newer members.
What are your future career goals?
To keep refining my skills as a developer by taking on increasingly complex projects and solving difficult problems. I want to become someone people trust to handle the toughest challenges, while building a reputation as someone who is respected and enjoyable to work with. Ultimately, I hope to use those skills to improve communities by revitalizing blighted sites and buildings.
What part of your job do you find most rewarding?
The most rewarding part of my job is solving a difficult problem on a development site. Every project is unique and comes with its own set of challenges, but when something unexpected comes up and you find a way through it, that’s usually the most satisfying part of the process.
Tell us about a project or accomplishment that you consider most significant in your career:
The most significant project of my career so far has been our Katherines Crossing development in Woodridge. The site presented a number of challenges, including wetlands, steep topography, and a complex approval process. Working through those issues from the early stages through closing has been one of the biggest learning experiences of my career. We’ve now closed on the project and are starting construction on the 221,400-square-foot building, so it’s especially rewarding to see it become a reality.
What do you think makes someone successful in this industry?
I think success in this industry comes from being well-rounded. You need to understand the financial side of a deal, communicate well with a lot of different people, and be willing to dig into the details. Beyond that, I think being trustworthy, honest, hardworking, and diligent goes a long way. Real estate is a small world, and your reputation compounds over time.
What’s your favorite restaurant in the city and your go to order?
This won’t surprise anyone who knows me, but I love Bavette’s. My go-to is either the double wagyu cheeseburger (best in the city, maybe the world) or a classic ribeye – and I always order the brussels sprouts as a side.
What’s your ideal way to spend a weekend in Chicago?
My ideal weekend in Chicago is walking the Lakefront Trail, grabbing a coffee, and stopping by the farmers market in Lincoln Park. Summertime in Chicago is hard to beat.